CDP Venture Capital, Italy’s state-backed investment arm, has committed to Jolt Capital V, the fifth flagship fund of the Paris based growth equity manager, AltAssets reported. The commitment amount was not disclosed. Jolt is targeting up to €1.1 billion for the fund and is strengthening its push into Italy.
Fund V first closed at €600 million in November 2025, with a €260 million cornerstone from the European Investment Fund under the ETCI programme and backing from sovereign wealth funds, insurers, banks, pension funds and family offices. The fund backs European deeptech scaleups built on original intellectual property, across areas such as semiconductors, materials, energy and industrial software, and is classified as an Article 9 fund under the EU sustainable finance rules.
CDP’s participation adds an Italian state investor to a French managed vehicle whose pitch is explicitly about European technological sovereignty, dual-use technology and industrial resilience. That cross-border state backing, governments funding each other’s national champions through pooled private funds, is becoming a standard feature of European industrial policy rather than an exception.